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The year 2020 may well mark the tipping point for the oil and gas industry. Amid a global pandemic that has slashed oil demand by some 8 million barrels per day, the governments of key countries—China, Japan, South Korea, South Africa and others—have announced that they aim to reach net-zero emissions by the middle of the century. After President-elect Joe Biden takes office in January, he will likely add the United States to the list, and when he does, net-zero targets will apply to more than three-fifths of global CO2 emissions. It seems that the world is about to double […]

A visitor looks at a display of Australian wines at the China International Import Expo in Shanghai, Nov. 5, 2020 (AP photo by Mark Schiefelbein).

Australia is suddenly facing a broad economic assault from China, by far its largest trading partner. Last week, Beijing imposed tariffs of more than 200 percent on imports of Australian wine, essentially shuttering the industry’s largest export market. China has halted shipments of Australian coal, leaving ships stranded off China’s coast, and has blocked or restricted imports of a dozen other products, including Australian beef, sugar and timber. The sanctions so far have affected one-third of all Australian exports to China. It’s all Chinese retaliation for moves by the Australian government that have irritated Beijing, which presented Canberra with an […]

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